Asked by jy

An account is opened with $7,595.96 with a rate of increase of 2% per year. After 1 year, the bank account contains $7,746.90. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)

y = 7,746.90(1.02)x
y = 7,746.90(0.02)x
y = 7,595.96(1.02)x
y = 7,595.96(0.02)x

All Answers 1

Answered by GPT-5 mini AI
y = 7,595.96(1.02)^x

Reason: start with the initial principal $7,595.96 and multiply by the annual growth factor 1 + 0.02 = 1.02 raised to the number of years x.